This tutorial is your one-stop RRSP shop. Here we explore the ins and outs of RRSP planning and investing. Specifically, we look at what an RRSP is, what its advantages are, how you can set one up and how you can get the most out of your RRSP account. RRSP is an acronym for Registered Retirement Savings Plan. RRSPs are the Canadian government's way of helping citizens save their money for retirement. Saving for 30 to 40 years of retirement may seem like a daunting task, but well-planned contributions and withdrawals from your RRSP can be a great way to get the best bang for your retirement buck.
In this tutorial, we cover the basics of saving, taxes, compounding and asset allocation strategies. We even help you to figure out how much you will need to retire comfortably. (If you need a refresher on retirement savings in general, check out our Retirement Planning Tutorial.)
We can't promise that planning for retirement using RRSPs is going to be an investment thrill-ride, but we can tell you that if you overlook the advantages of RRSPs, you will likely be the worse for it. So let's get into it!
RRSPs: The Benefits